Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$992/mo
Lowest payment- Down payment
- $432,439
- Funds due
- $445,382
- Interest + MI left
- $14,265
- First ends
- Jun 2051
Assumption
Assumption + second
$3,765/mo
+$2,773/mo- Down payment
- $45,439
- Funds due
- $60,372
- Interest + MI left
- $625,371
- First ends
- Jun 2051
New loan
New conventional
$3,686/mo
+$2,693/mo- Down payment
- $45,439
- Funds due
- $56,814
- Interest + MI left
- $584,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,561 | $12,561 | $399,561 |
| Second mortgage | — | $387,000 | — |
| First P&I | $87.31 | $87.31 | $2,706.77 |
| Second P&I | — | $2,772.52 | — |
| Mortgage insurance | $6.05 | $6.05 | $79.91 |
| Taxes, insurance & HOA | $899.00 | $899.00 | $899.00 |
| Total housing payment | $992.35 | $3,764.87 | $3,685.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,439
Closing costs & prepaids$14,932
Usable credit−$0
Total buyer cash needed$60,372
Earnest money paid−$0
Remaining funds due$60,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Initial HOA (3 months)$1,713.00
Prepaid interest, first (9 days)$20.84
Prepaid interest, second (9 days)$739.54
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 6 moOf the original 28-year loan at 6.73%
Interest already paid$3,037Through Dec 2026
Assumption only · ends Jun 2051$14,265
Assumption + second · ends Jun 2051, second Jan 2057$625,371
New conventional · ends Jan 2057$584,144